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About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Trends and insights
NerdWallet’s mortgage rate insight
On Friday, July 1st, 2022, the average APR on a 30-year fixed-rate mortgage fell 13 basis points to 5.427%. The average APR on a 15-year fixed-rate mortgage fell 12 basis points to 4.578% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 10 basis points to 4.319%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 22 basis points lower than one week ago and 256 basis points higher than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
|30-year fixed-rate FHA||4.620%||5.436%|
|30-year fixed-rate VA||4.703%||5.066%|
What is today’s 15-year fixed mortgage rate?
On October 25, 2021, the average rate on the 15-year fixed-rate mortgage is 2.284%. Rates are quoted as annual percentage rate (APR).
How do I find current 15-year mortgage rates?
NerdWallet’s mortgage rate tool can help you find competitive 15-year fixed mortgage rates. In the filters above, enter a few details about the loan you’re looking for, and you’ll get a personalized rate quote in moments, without providing any personal information. From there, you can start the process to get preapproved for your home loan. It’s that easy.
What is a 15-year fixed-rate mortgage?
A 15-year fixed-rate mortgage maintains the same interest rate and monthly principal-and-interest payment over the 15-year loan period.
While the loans provide a fixed principal and interest payment, you’re not stretching out the payments for as long as the traditional 30-year mortgage — and that saves a great deal of interest.
What is a good 15-year mortgage rate?
Many factors influence the mortgage rate you’re offered, including the economy, your financial details and the lender. The best way to find out if you’re being quoted a good 15-year mortgage rate is to compare multiple lenders. When you make lenders compete, you can compare loan offers and determine which has the best combination of rate and fees.
Will 15-year fixed mortgage rates drop?
Average mortgage rates fluctuate daily and are influenced by the economy’s overall rate of growth, the inflation rate and the health of the job market. Unpredictable events can affect all of those factors. See NerdWallet’s mortgage interest rates forecast to get our take.
Are 15-year mortgage rates lower than 30-year mortgage rates?
Rates are generally lower for 15-year fixed-rate mortgages than for 30-year mortgages. With the shorter loan term, lenders are exposed to less risk, so they are willing to charge lower rates.
Is it worth refinancing to a 15-year mortgage?
You can save money and build home equity faster with a 15-year mortgage than with a 30-year mortgage. But the monthly mortgage payment will be higher on a 15-year mortgage because there is less time to pay off the loan.
It’s worth comparing 15-year mortgage rates if you’ll be able to afford the monthly payments and still have enough money for other needs, such as saving for retirement.
Getting a lower interest rate could save you hundreds of dollars over a year of mortgage payments — and thousands of dollars over the life of the mortgage.
When you compare 15-year refinancing offers using the Loan Estimates you receive from lenders, you’ll feel confident when you identify the offer that has the best combination of rate and fees.
15-year fixed mortgage: Pros and cons
Average interest rates are lower for 15-year mortgages than for home loans with longer terms.
You save money with a 15-year mortgage because you pay interest for fewer years.
You build equity faster with a 15-year mortgage.
Monthly payments for a 15-year mortgage are higher than for a mortgage with a longer term.
The higher monthly payments will mean you’ll qualify for a less-expensive home than if you stretched out the loan to 20 or 30 years.
Because of the higher monthly payment, less money is available for other investments, such as retirement accounts.
How are 15-year mortgage rates set?
At a high level, mortgage rates are determined by economic forces that influence the bond market. You can’t do anything about that, but it’s worth knowing: bad economic or global political worries can move mortgage rates lower. Good news can push rates higher.
What you can control are the amount of your down payment and your credit score. Lenders fine-tune their base interest rate on the risk they perceive to be taking with an individual loan.
So their base mortgage rate, computed with a profit margin aligned with the bond market, is adjusted higher or lower for each loan they offer. Higher mortgage rates for higher risk; lower rates for less perceived risk.
So the bigger your down payment and the higher your credit score, generally the lower your mortgage rate.
» MORE: Get your credit score for free
What’s the difference between interest rate and APR?
The interest rate is the percentage that the lender charges for borrowing the money. The APR, or annual percentage rate, is supposed to reflect a more accurate cost of borrowing. The APR calculation includes fees and discount points, along with the interest rate.
APR is a tool used to compare loan offers, even if they have different interest rates, fees and discount points.
A major component of APR is mortgage insurance — a policy that protects the lender from losing money if you default on the mortgage. You, the borrower, pay for it.
Lenders usually require mortgage insurance on loans with less than 20% down payment (in a home purchase) or less than 20% equity (in a refinance).
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